证券日报网讯 1月8日，苏州科达在互动平台回答投资者提问时表示，公司在音视频图像处理、融合通 信、大数据及人工智能应用等领域拥有一定的技术积累和丰富的行业应用实践经验；华师大在光谱成 像、光学载荷、多光谱感知等领域具备深厚的学科优势和丰富的研究成果。公司与华师大的校企合作项 目是结合双方各自优势的一次积极尝试，本次合作的内容之一是推动AI与卫星应用的深度融合，实现 从数据采集、在轨处理到地面应用的全程优化和遥感数据的产业化应用。 （文章来源：证券日报） ...

Group 1 - The article highlights the importance of satellite and launch vehicle materials, indicating that the company has positioned itself in high-end equipment products such as satellite and rocket engine casings, which are expected to benefit from the expansion of application scenarios [1] - The company's silicon photonics technology products are anticipated to break into the North American market, presenting significant growth potential, particularly as Google expands its computing power [1]

格隆汇12月25日丨振华科技(000733.SZ)在互动平台表示，公司高可靠产品在中国星网卫星中有成熟应 用；公司产品凭借显著竞争优势，持续保持领先的市场占有率。 ...

Market Overview - On December 15, the Shanghai Composite Index fell by 0.55%, the CSI 300 decreased by 0.63%, the STAR 50 dropped by 2.22%, the CSI 1000 declined by 0.84%, the ChiNext Index fell by 1.77%, and the Hang Seng Index decreased by 1.34% [4] - The best-performing sectors on December 15 were non-bank financials (+1.59%), retail (+1.49%), agriculture, forestry, animal husbandry, and fishery (+1.24%), steel (+0.91%), and building materials (+0.91%). The worst-performing sectors included electronics (-2.42%), telecommunications (-1.89%), media (-1.63%), machinery and equipment (-1.36%), and computers (-1.27%) [4] - The total trading volume for the entire A-share market on December 15 was 1.7944 trillion yuan, with a net inflow of 3.654 billion Hong Kong dollars from southbound funds [4] Important Insights Bond Market Research - The report emphasizes the importance of the People's Bank of China's (PBOC) communication regarding the central economic work conference, which reflects the central bank's specific thoughts on monetary policy for 2026 [5] - The market is focused on changes in the description of monetary policy from the central economic work conference [5] - The report indicates a more gradual approach to easing monetary policy [5] Strategy Report - The report systematically reviews the calendar effects in the A-share market from 2010 to 2025, analyzing excess returns of major indices around key dates [6] - It highlights that the overall market tends to experience a spring rally at the beginning of the year, cautious trading mid-year, and a warm winter close at year-end [6] - The report identifies that Q4 has the highest win rate and return for the Wande All A Index, with a win rate of 66.7% and a median return of 2.9% [7] Industry Insights Machinery Equipment Sector - The report notes that the demand for satellite applications is expected to surge, with a potential breakthrough in rocket supply [8] - It highlights that China's satellite constellation construction is significantly lagging, entering a peak launch period [8] - Investment opportunities are identified in the rocket sector, driven by explosive demand and a shift towards high-frequency, low-cost commercial operations [8]

Group 1 - The stock has recorded 8 limit-up days in the last 16 trading days, indicating a certain level of market activity [1] - Market focus is on the company's business layout in commercial aerospace and satellite applications, with a self-developed integrated technology system covering the entire industry chain of remote sensing data "satellite-ground-application" [1] - The company has made advancements in cutting-edge technology fields such as millimeter-wave communication [1] Group 2 - The company recently completed the acquisition of minority shares in its subsidiary, YaoYun Technology, to further strengthen integration in the secure storage business [1] - This acquisition was announced to have been completed in November [1] - Trading data shows that the stock price of the company exhibited a pattern of initial decline followed by recovery, ultimately reaching the limit-up price during the morning trading session [1]

11月25日，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025-2027年）》。 该计划明确将商业航天纳入国家航天发展总体布局，并提出到2027年实现商业航天高质量发展的目标。 目前，低轨卫星互联网建设已迫在眉睫，这是应对全球频轨资源"先占先得" 竞争的必然选择。 可以预见的是，加速低轨卫星互联网的建设，将成为"十五五"期间商业航天的重中之重。 国内商业航天经过十年左右的发展，已经从探索萌芽阶段，迈入规模化发展的关键阶段。蓝箭航天、天 兵科技、中科宇航、星河动力、东方空间等头部企业，正是这一进程的核心推动者。 智通财经记者｜马悦然 临近年末，商业航天产业热潮涌动，数日前朱雀三号的首飞，进一步点燃了市场热情。 2025年，国家层面围绕商业航天出台了一系列重磅政策，涵盖监管机制、产业发展、资本支持等多领 域。 10月末，"十五五"规划建议全文公布，其中首次提及要加快建设航天强国，同时要求加快航空航天等战 略性新兴产业集群发展。 近日，国家航天局设立了商业航天司，这标志着中国商业航天产业迎来专职监管机构，未来将持续推动 我国商业航天高质量发展。 张宇蛟表示，上述三方面将共同推动中国民营航天从" ...

Core Viewpoint - The aerospace sector is experiencing fluctuations, with the Aerospace ETF (159227) showing a decline of 0.96% as of 1:34 PM, while maintaining the highest trading volume among its peers, indicating ongoing investor interest despite market adjustments [1] Group 1: Aerospace ETF Performance - The Aerospace ETF (159227) has a current scale of 2.126 billion yuan and 1.851 billion shares, both reaching new highs since its inception [1] - The ETF is tracking the Guozheng Aerospace Index and is deeply invested in the aerospace industry chain, focusing on leading companies in the military industry [2] Group 2: Technological Developments - The successful delivery of China's first rocket recovery sea platform, named "Navigator," marks a significant advancement in reusable rocket technology, enhancing China's core competitiveness in rapid launches and low-cost space access [1] - The acceleration of commercial aerospace development is expected to promote applications such as direct satellite connections for mobile phones and Beidou messaging services [1] Group 3: Future Prospects - The rapid development of satellite internet is anticipated, with regular satellite launches increasing communication capacity and reducing latency, paving the way for applications like mobile broadband direct satellite connections and low-orbit satellite network integration for intelligent driving systems [1]

Core Viewpoint - Zhuhai Fengguang (688439.SH) is positioned as a key supplier of high-reliability analog integrated circuits in China, with over 30 products validated for satellite applications [1] Group 1: Product Validation and Market Position - The company has successfully completed rigorous environmental testing for its products, which are now validated by customers to meet satellite application requirements [1] - The company is expanding its technical capabilities in signal conditioning and RF transceiver technologies to support the commercial aerospace sector [1] Group 2: Future Developments - There is currently no specific information available regarding the company's technical reserves for reusable satellite rockets, but the company will continue to monitor market demand and technological advancements [1]

Event Overview - The 2025 Third China Commercial Space Development Conference and the Fourth Zhongguancun Commercial Space Conference will be held in Beijing from December 18 to 19, marking the first national industry event initiated and implemented by industry social organizations in the commercial space sector [1] - Additional major space industry events are scheduled from January to March 2026, including the Third Beijing Commercial Space Industry High-Quality Development Conference and the 2026 Beijing International Commercial Space Exhibition [1] Industry Development Acceleration - The establishment of the Commercial Space Administration signifies a key institutional development, expected to enhance coordination across multiple departments and improve efficiency in satellite industry development, including launch approvals and operational licensing [2] - Analysts from CITIC Securities and Huatai Securities highlight a triple inflection point for the commercial space sector, driven by policy, performance, and technology advancements [2] - The Chinese commercial space industry is projected to reach a value of 2.8 trillion yuan by 2025 [2] Satellite Application Focus - The core of commercial space is identified as satellite applications, which are increasingly integrated with technologies like 6G and AI, leading to rapid expansion in various new business trials [3] - The number of satellite launches is expected to grow by 100%-200% annually during the 14th Five-Year Plan period, with satellite connectivity becoming mainstream in consumer markets [3] Historical Performance of Key Players - Huawei's launch of the HUAWEI Mate 60 Pro, the first mass-market smartphone supporting satellite calls, has significant implications for the industry [4] - Huali Chuantong, a leader in satellite internet, experienced over 200% stock price increase from August 29 to October 11 [5] Related Concept Stocks - A list of concept stocks related to the commercial space industry includes companies involved in solar wings, satellite operations, rocket manufacturing, and testing services, indicating a broad investment landscape [7]

Core Viewpoint - The commercial aerospace sector in China is experiencing significant growth, driven by technological advancements and supportive government policies, leading to increased market activity and investment opportunities [2][4]. Market Activity - On November 24, several stocks in the commercial aerospace sector saw strong performance, with multiple companies reaching their daily price limits, including Zhaobiao Co., Aerospace Huanyu, and others [1]. - The sector's activity is linked to recent positive policy developments, including the establishment of a key regulatory body for commercial aerospace [2]. Market Size and Growth - China's commercial aerospace market is projected to grow from approximately 0.38 trillion yuan in 2015 to 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of about 22% [2]. - If growth continues at a rate of 25%, the market could approach 10 trillion yuan by 2030, indicating substantial growth potential [2]. Technological Trends - The industry is undergoing a "third wave" characterized by low-orbit, intelligent, and integrated trends, with advancements in satellite manufacturing and communication technologies [2]. - The integration of satellite applications with emerging technologies like 6G and AI is accelerating, leading to new business models and applications [3]. Policy and Regulatory Developments - The establishment of the Commercial Aerospace Administration is seen as a milestone for the industry, enhancing the regulatory framework and boosting market confidence [2]. - The launch of commercial satellite IoT trials aims to enrich the satellite communication market and support the healthy development of new industries [3]. Investment Opportunities - The capital market is opening up for commercial aerospace companies, with several major firms initiating IPO processes, indicating a robust investment landscape [4]. - The total valuation of the leading commercial rocket companies has surpassed 100 billion yuan, highlighting the sector's financial potential [4]. Future Outlook - The commercial aerospace industry is entering a high-growth phase, with expectations of rapid expansion from 2026 to 2028 [4]. - The satellite application sector is anticipated to become a new infrastructure supporting national economy and technological development [4].